New options avoiding foreclosure. You need to know about a new US Treasury program which streamlines the short sale process. You can save your credit, save your dignity, receive debt forgiveness and get $3,000 to help you move. California Property Liquidators handles the entire process – including all paperwork, at ZERO COST to you because we get paid through the program. Take advantage NOW by calling California Property Liquidators at 800-766-5804 | 800-766-5804 Live Answer 24/7 |
+ No Cost to you, we're paid through the program |
What is a short sale?
A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
Why is the number of short sales rising?
Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.
A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.
Do you Qualify for the HAFA Program?
+ Principal Residence
+ First Lien Originated before 2009
+ Mortgage is Delinquent or Default is Reasonably Foreseeable
+ Unpaid Balance is no more than $729,750 (higher limits for 2-4 unit dwellings)
What else should I know?
The deal must be “arms length.” Borrowers can’t list the property or sell it to a relative or anyone else with whom they have a close personal or business relationship.
The amount of debt forgiven might be treated as income for tax purposes. Under a law expiring at the end of 2012, however, forgiven debt will not be taxed if the amount does not exceed the debt that was used for acquisition, construction, or rehabilitation of a principal residence. Check with a tax advisor or the IRS.
The servicer will report to the credit reporting agencies that the mortgage was settled for less than full payment, which may hurt credit scores.
Buyers may not reconvey the property for 90 days.